Centerra Gold Inc. CG

MaterialsMetals & MiningCanada

Last close 27.45 CAD on Nov 3, 2026, +40.0% year to date

Quant rating

Quant rating A Rank 2 of 154 in Materials

Growth B 46 of 154
Valuation B 55 of 154
Quality A 14 of 154
Revisions A 20 of 154
Momentum A 7 of 154

Wall Street consensus Hold (2.60)Average target 34.92 CAD +27.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.3B
Enterprise value: 4.8B
52-week range: 15.70 – 33.94
3-year range: 6.14 – 33.94
Dividend yield: 0.97%
Beta (5 years): 1.62
Shares outstanding: 194M
Next earnings: Feb 17, 2027

About the company

Centerra Gold Inc. is a Canada-based gold mining company focused on operating, developing, exploring, and acquiring gold and copper properties in North America, Turkiye, and other markets worldwide. Centerra operates two mines: the Mount Milligan Mine in British Columbia, Canada, and the Oksut Mine in Turkiye. The Company also owns the Kemess Project in British Columbia, Canada, the Goldfield Project in Nevada, United States, and owns and operates the Molybdenum Business Unit in the United States and Canada. Mount Milligan Mine is a conventional truck-shovel open-pit copper and gold mine located 155 km northwest of Prince George. The Oksut Mine is an open-pit heap leach gold mining operation located 300 kilometers southeast of Ankara in Turkiye and 48 kilometers south of Kayseri. The Molybdenum BU includes the Langeloth Facility in Pennsylvania and the Thompson Creek Mine in Idaho. Kemess is a past producing mine in the Toodoggone District in the northern interior of British Columbia.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,900	1,746	1,450	1,152	1,137	–
Revenue growth	8.8%	20.4%	25.9%	1.3%	23.9%	15.7%
EPS (basic, normalized)	1.52	1.02	0.07	−0.05	0.98	–
EPS growth	48.8%	1,414.0%	–	–	–	–
Gross margin	33.5%	31.1%	24.1%	21.0%	32.4%	28.4%
Net margin	42.2%	6.6%	−7.4%	−9.1%	49.7%	16.4%
ROE	31.4%	4.8%	−4.7%	−4.0%	19.8%	9.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	566
Current ratio	2.07x
Long-term debt (mil)	48.3
Net debt (mil)	−505
Total equity (mil)	3,155
Net debt / equity	−0.16x
Net debt / EBITDA	−0.82x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,900	+8.8%	2.5x	613	+11.9%	7.9x	1.52	+48.8%	18.1x
2026	2,507	+31.9%	1.9x	848	+38.2%	5.7x	2.24	+47.6%	12.3x
2027	2,764	+10.3%	1.7x	965	+13.9%	5.0x	2.87	+28.2%	9.6x
2028	3,604	+30.4%	1.3x	1,309	+35.6%	3.7x	3.66	+27.4%	7.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,507	−1.0%	+1.4%	+7.7%	2.24	−7.2%	−5.4%	−13.5%
2027	2,764	+1.2%	+2.4%	+5.7%	2.87	−0.1%	+2.8%	+8.6%
2028	3,604	+5.7%	+8.6%	+12.9%	3.66	+7.5%	+7.1%	+18.6%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	306	282	324	302	299	288	395	402	485	443
Sales mean (mil)	228	292	335	318	290	294	319	355	348	347
Surprise	+34.1%	−3.2%	−3.3%	−5.0%	+3.3%	−1.8%	+23.9%	+13.0%	+39.3%	+27.7%
EPS reported	0.15	0.23	0.18	0.17	0.13	0.25	0.32	0.41	0.44	0.39
EPS mean	0.13	0.16	0.20	0.19	0.10	0.17	0.21	0.36	0.44	0.43
Surprise	+19.0%	+40.2%	−11.0%	−8.4%	+24.4%	+48.0%	+50.6%	+13.9%	+0.6%	−9.3%

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CG Centerra Gold Inc.	5.3B	−0.82x	42.2%	1.71x	12.3x	9.6x	5.7x	5.0x
AEM Agnico Eagle Mines Limited	118.6B	−0.43x	37.5%	2.85x	14.3x	14.6x	7.4x	7.3x
ABX Barrick Mining Corporation	85.6B	1.05x	29.4%	2.23x	10.2x	8.5x	5.1x	4.2x
WPM Wheaton Precious Metals Corp.	74.7B	1.09x	63.6%	5.50x	25.5x	24.7x	18.2x	16.9x
FNV Franco-Nevada Corporation	61.2B	–	61.0%	5.29x	27.1x	24.8x	19.0x	17.8x
RGLD Royal Gold, Inc.	27.4B	0.31x	45.2%	2.58x	21.9x	17.8x	12.9x	11.1x
Mean		0.24x	46.5%	3.36x	18.6x	16.7x	11.4x	10.4x
Median		0.31x	43.7%	2.72x	18.1x	16.2x	10.2x	9.2x

Technical analysis

1M−10.4%
3M+14.2%
1Y+67.8%
3Y+259.0%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Centerra Gold Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,900	1,746	1,450	1,152	1,137	918
Cost of revenue	1,264	1,203	1,101	910	768	644
Gross profit	637	544	350	242	369	274
Selling, general & administrative expenses	124	102	113	126	84.9	108
Research & development	69.6	102	99.1	90.1	33.0	40.1
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−538	191	45.2	224	−290	0
Other operating expenses	−8.5	−51.8	68.5	−122	31.3	70.2
Operating income	989	201	23.6	−76.0	510	55.9
Net interest income (expense)	37.5	71.1	17.3	18.5	−1.0	−5.8
Gain (loss) on sale of assets	0.3	0.9	−2.0	–	–	–
Other non-operating income (expense)	−23.1	−22.4	−20.9	−2.8	0.1	−19.8
Net income before taxes	1,003	250	18.1	−60.2	509	30.4
Provision for taxes	202	135	126	44.4	−55.6	9.8
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	801	116	−108	−105	565	20.5
Extraordinary items	–	–	–	0	−1,047	500
Net income	801	116	−108	−105	−482	520
EBIT, normalized	451	392	68.8	148	220	55.9
EBITDA, normalized	638	580	241	321	407	352
Basic EPS, normalized	1.52	1.02	0.07	−0.05	0.98	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Centerra Gold Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	742	903	816	722	1,199	698
Receivables	240	169	93.7	159	97.1	84.2
Total inventory	458	337	341	429	279	739
Prepaid expenses	21.1	13.7	7.9	9.8	8.7	11.4
Other current assets	6.9	5.5	21.4	22.7	21.2	215
Total current assets	1,469	1,428	1,280	1,342	1,606	1,748
Property, plant & equipment	2,196	1,584	1,639	1,725	1,607	2,146
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	145	14.1	–	–	–	–
Note receivable	56.9	44.5	11.5	0.8	33.7	9.8
Other long-term assets	193	187	90.8	97.3	135	88.3
Total assets	4,060	3,257	3,021	3,165	3,382	3,992
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	207	114	103	151	84.6	198
Accrued expenses	61.1	29.3	21.3	16.6	24.0	42.3
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	10.9	9.2	8.1	7.1	7.8	5.8
Other current liabilities	335	255	261	198	171	81.9
Total current liabilities	613	408	394	372	287	328
Long-term debt	14.9	19.7	24.0	11.8	17.8	18.3
Minority interest	–	–	–	–	–	–
Other liabilities	605	448	385	328	495	506
Total liabilities	1,234	876	803	712	800	853
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	998	1,189	1,141	1,201	1,243	1,241
Additional paid-in capital	42.5	46.2	44.9	40.1	38.9	39.0
Retained earnings (accumulated deficit)	1,854	1,162	1,022	1,216	1,291	1,844
Treasury stock	–	–	–	–	–	–
Other equity	−67.7	−16.1	9.9	−4.5	8.6	14.8
Total equity	2,827	2,381	2,218	2,453	2,582	3,139
Total liabilities & shareholders' equity	4,060	3,257	3,021	3,165	3,382	3,992

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Centerra Gold Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	801	116	−108	−105	565	520
Depreciation, depletion & amortization	159	188	172	140	160	401
Deferred taxes	–	–	–	–	–	–
Non-cash items	−304	244	262	124	−162	164
Changes in working capital	−177	−118	−1.3	−162	−37.8	98.5
Cash from operations	478	429	325	−2.7	524	1,184
Investing activities
Capital expenditures	−348	−230	−113	−110	−117	−415
Other investing cash flows	−69.0	−48.0	−6.6	−237	163	29.1
Cash from investing	−417	−278	−120	−346	46.0	−386
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	−56.4	−62.6	−59.5	−64.6	−56.9	−50.6
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−136	−71.8	−38.9	−149	−5.2	−107
Cash from financing	−193	−134	−98.4	−214	−62.1	−158
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−131	16.9	107	−563	508	640
Free cash flow	130	199	212	−112	407	768

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.